Countries With Zero Income Taxes

Among the wealthiest Caribbean countries, the Bahamas features an economy that's heavily dependent on tourism and offshore banking.

About 70 percent of government revenue comes from duties on imported goods. Even though there is no personal income tax, employees have to contribute 3.9 percent of their salary, up to a maximum of $26,000 annually, for a form of social security called National Insurance. Employers also have to contribute 5.9 percent of a worker's salary for National Insurance, while self-employed individuals are charged 8.8 percent. The country also has a property tax of up to 1 percent.

Despite its prosperity as a financial center, The Bahamas has an unemployment rate of 15 percent and the political parties are feuding over oil exploration projects in its waters that could come at the cost of tourism.